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Author: 金哲毅
Thesis Title: 董事性別多元化與公司系統風險之關聯性
The Relationship between Board Gender Diversity and Corporate Systematic Risk
Advisor: 張琬喻
Woan-Yuh Jang
Committee: 紀佳芬
Chia-Fen Chi
Woan-Yuh Jang
Wei-Chung Miao
Degree: 碩士
Department: 管理學院 - 財務金融研究所
Graduate Institute of Finance
Thesis Publication Year: 2022
Graduation Academic Year: 110
Language: 中文
Pages: 44
Keywords (in Chinese): 董事會多元化女性董事公司治理系統風險
Keywords (in other languages): Board Gender Diversity, Female Director, Corporate Governance, Systematic Risk
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  • 女性從爭取工作權到進入職場,至今已有幾十年的歷史,伴隨著教育普及及程度提高,再加上產業結構的轉變及女性特質的影響,女性對於自我的職涯發展擁有更高的自主能力,但受限於過往的傳統父權思維,在工作的配置及晉升機會上,仍存有著玻璃天花板的現象。董事會負有企業經營決策及發展方向之使命,亦為公司中最高的治理決策組織,近年來女性在董事會席次確實有緩慢增加的趨勢,但其佔比相較男性而言仍有極大的差距,在先前研究當中,董事會性別多元化的優劣仍未取得一致的共識。

    With the popularization and improvement of education, the change of industrial structure and the influence of female characteristics, women have a higher degree of autonomy in their career development, but due to the traditional patriarchal mindset in the past, there is still a glass ceiling in job allocation and promotion opportunities. The board of directors is responsible for corporate management decisions and development directions, and is also the highest governance decision-making organization in the company. The number of women on the board of directors has indeed been slowly increasing in recent years, but there is still a huge gap in its proportion compared to that of men. In previous studies, there is still no consensus on the advantages and disadvantages of gender diversity in the board of directors.
    Therefore, this study uses the 2020 Taiwan listed companies as the research target, and the data of variables are mainly obtained from Taiwan Economic Journal database (TEJ), Investment Decision Support System (CMoney), and Market Observation Post System (MOPS), and is tested by Ordinary Least Square (OLS) multiple regressions to discuss the impact of diversity of female board members and corporate systematic risk.
    The empirical results show that there is a negative correlation between female director diversity and systematic risk when none of the control variables are included, indicating that a higher proportion of female directors reduces the systematic risk (i.e., market risk) of the firm. However, when all control variables are included, there is no statistically significant correlation between female director diversity and systematic risk, indicating that if control variables other than female directorship are included in the model, the inclusion of female directorship does not statistically significantly reduce corporate systematic risk.

    誌謝 I 摘要 II Abstract III 目錄 IV 表目錄 V 第一節 研究背景與動機 1 第二節 研究目的 2 第一節 董事會成員多元化 3 第二節 女性董事 6 第三節 女性獨立董事 8 第四節 性別與風險趨避 10 第一節 資料來源 11 第二節 變數定義及說明 11 第三節 研究方法與模型 17 第一節 資料分析 19 第二節 研究結果 25 第伍章 結論與建議 31 第一節 研究結論 31 第二節 研究限制 32 第三節 未來研究建議 33 參考文獻 34 英文文獻 34 中文文獻 36

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